Biocon net up 79 percent in fourth quarter

Bengaluru, April 27 (IANS) Biotech major Biocon Ltd. has posted consolidated net profit of Rs.361 crore for the fourth quarter (January-April) of fiscal 2015-16, registering a whopping 79 percent growth year-on-year (YoY) from Rs.201 crore in the like period a year ago.

“Consolidated revenue for the quarter under review (Q4), however, grew 17 percent YoY to Rs.1,004 crore from Rs.854 crore in the same period year ago,” the city-based company said in a statement here on Wednesday.

The quantum jump in net profit for the fourth quarter and the fiscal was an exceptional income of Rs.268 crore in Q4 as deferred amount from the co-development agreement for rh-insulin with the company’s Mexican partner Lab PiSA.

Excluding the exceptional income, the net profit for Q4 was Rs.105 crore.

Earnings before interest, tax, depreciation and amortization (Ebitda) for quarter increased 18 percent YoY to Rs.238 crore from Rs.203 crore in the like period and 21 percent YoY to Rs.903 crore for the fiscal from Rs.749 crore a year ago.

“Ebitda (operating) margin remained flat YoY for the quarter at 24 percent and marginally one percent up to 25 percent for the fiscal from 24 percent a year ago,” the statement noted.

Net profit margin at 36 percent YoY for Q4 grew from 24 percent in the like quarter a year ago and to 25 percent YoY for the fiscal from 16 percent a year ago.

“We closed the year with a landmark quarter, crossing Rs.1,000 crore consolidated revenue for the first time,” Biocon chairperson Kiran Mazumdar-Shaw said in the statement.

The company’s subsidiary Syngene revenue also crossed Rs.1,000 crore in the fiscal under review, with 32 percent growth YoY to Rs.316 crore in the fourth quarter.

The company’s insulin Glrgine became the first biosimilar from India and second to be approved in Japan.

“EU approval for generic Rosuvastatin calcium tablets will enable us to take its first generic formulation to developed markets,” the statement said.

The company restructured its legal entities to align with growth strategies represented by business units.

“We believe the restructuring will enable us to unlock greater value from our business segments at an opportune time. All our biosimilar assets will be consolidated under the new legal entity — Biocon Biologics Ltd., incorporated in Britain as a subsidiary,” Shaw added.

The company has appointed Securities Exchange Board of India former chairman M. Damodaran as an independent director on its board.